Since the inception of the value add program, IRT has completed
renovations in 847 units, achieving a weighted average return on
investment of 18%.

Net income allocable to common shares of $4.8 million for the quarter
ended September 30, 2018 as compared to $1.1 million for the quarter
ended September 30, 2017. Earnings per diluted share of $0.05 for the
quarter ended September 30, 2018 as compared to $0.02 for the quarter
ended September 30, 2017.

Core Funds from Operations (“CFFO”) of $16.5 million for the quarter
ended September 30, 2018 as compared to $14.0 million for the quarter
ended September 30, 2017. CFFO per share was $0.19 for the third
quarter of 2018.

Adjusted EBITDA of $24.7 million for the quarter ended September 30,
2018 as compared to $20.2 million for the quarter ended September 30,
2017.

Included later in this press release are definitions of CFFO, Adjusted
EBITDA and other Non-GAAP financial measures and reconciliations of such
measures to their most comparable financial measures as calculated and
presented under GAAP.

Management Commentary:

“The third quarter was highlighted by continued momentum in rental rate
growth across the portfolio, as well as the ongoing execution of our
accretive capital recycling initiative,” said Scott Schaeffer, IRT’s
Chairman and CEO. “Since the beginning of the third quarter, we have
identified four high quality communities across key markets that are a
perfect fit with our investment thesis. We have completed the
acquisition of three of these properties and expect to close on the
fourth acquisition and the sales of four of our held for sale assets in
the fourth quarter of 2018.”

Schaeffer continued, “Our return on investment from the value add
program remains on track with strong demand for renovated units
generating rental rate growth of 19% since inception. We have
experienced a greater than anticipated near-term impact to occupancy at
four of our 14 value add communities as a result of disruption from the
renovations. Despite the near-term occupancy impact, we still expect
same store NOI growth to accelerate in the fourth quarter. This growth
is driven by a larger contribution from the value add program and strong
NOI growth in our non-value add communities. As we look ahead to 2019
and beyond, we are confident that this multi-phased approach to value
add provides us with a clear roadmap to deliver outsized returns and
will be a key driver of our long-term growth profile.”

Same Store Property Operating Results

Third Quarter 2018 Compared toThird Quarter 2017(1)

Nine Months Ended 9/30/18Compared to Nine Months Ended9/30/17(1)

Rental income

1.6% increase

1.7% increase

Total revenues

1.9% increase

2.0% increase

Property level operating expenses

2.0% increase

1.9% increase

Net operating income (“NOI”)

1.9% increase

2.2% increase

Portfolio average occupancy

80 bps decrease to 94.1%

10 bps decrease to 94.5%

Portfolio average rental rate

2.5% increase to $1,041

2.1% increase to $1,028

NOI Margin

No change – 59.2%

No change – 59.6%

(1)

Same store portfolio for the three and nine months ended September
30, 2018 includes 37 properties, which represent 10,329 units.

Same Store Property Operating Results, Excluding Value Add

The same store portfolio results below exclude seven communities that
are part of our Value Add program for the three and nine months ended
September 30, 2018. These seven properties started Value Add initiatives
during 2018 and have experienced short-term disruption in occupancy and
NOI growth.

Same store portfolio, excluding value add, includes 30 properties,
which represent 7,976 units for the three and nine months ended
September 30, 2018.

Capital Recycling

As previously announced, during the third quarter, IRT commenced a
capital recycling initiative aimed to dispose of assets in markets that
lack scale, in order to invest in attractive non-gateway markets where
scale has been, or can be, achieved. As part of this capital recycling
initiative, we have identified four acquisitions in our target markets.
We completed two of those acquisitions in July 2018, one in October
2018, and we expect to complete the fourth acquisition in November 2018.

On July 11, 2018, IRT acquired a 348-unit community in Tampa, FL for
$43.0 million. As of July 6, 2018, the community was 94.5% occupied
with average rent per unit of $1,029.

On July 26, 2018, IRT acquired a 232-unit community in Columbus, OH
for $21.2 million. As of July 25, 2018, the community was 97.0%
occupied with average rent per unit of $850.

On October 11, 2018, IRT acquired a 260-unit community in Atlanta, GA
for $30.5 million. As of October 9, 2018, the community was 94.2%
occupied with average rent per unit of $993.

In September 2018, we entered into an agreement to acquire a 276-unit
community located in Tampa, FL for a purchase price of $47.0 million.
We expect this acquisition to close in November 2018. As of October
22, 2018, the community was 95.3% occupied with average rent per unit
of $1,220.

IRT closed these acquisitions using proceeds from its line of credit in
advance of completing sales associated with IRT’s capital recycling
initiative.

Term Loan Agreement

On October 30, 2018, IRT entered into a five-year, $200 million
unsecured term loan that will mature in January 2024. The proceeds were
used to paydown borrowings outstanding under the revolving portion of
IRT’s $300.0 million unsecured credit facility. The term loan bears
interest at a spread over LIBOR, based on IRT’s overall leverage. At
closing, the spread to LIBOR was 145 basis points. To continue IRT’s
practice of reducing exposure to floating interest rates, IRT purchased
a collar that caps LIBOR at 2.50%, subject to a floor on LIBOR of 2.25%,
during the five-year term.

At-the-Market Offering

During the third quarter of 2018, IRT issued 1,861,508 shares of common
stock under IRT’s at-the-market sales program at a weighted average per
share price of $10.32, yielding net proceeds of approximately $18.8
million.

Capital Expenditures

For the three months ended September 30, 2018, recurring capital
expenditures for the total portfolio were $2.3 million, or $146 per
unit. For the nine months ended September 30, 2018, recurring capital
expenditures for the total portfolio were $5.4 million, or $344 per unit.

Revised 2018 EPS and CFFO Guidance

Following IRT’s performance for the first nine months of 2018 and the
expected impact of the value add program during the fourth quarter of
2018, the Company is revising its 2018 full year EPS and CFFO guidance.
EPS per diluted share is now projected to be in a range of $0.38 to
$0.42. CFFO per diluted share, a non-GAAP financial measure, is now
projected to be in the range of $0.74 to $0.75. A reconciliation of
IRT's projected net income allocable to common shares to its projected
CFFO per share, is included below. Also included below are the primary
assumptions underlying these estimates. See the schedules and
definitions at the end of this release for further information regarding
how IRT calculates CFFO and for management’s definition and rationale
for the usefulness of CFFO.

Previous Guidance

Current Guidance

2018 Full Year EPS and CFFO Guidance (1)

Low

High

Low

High

Net income allocable to common shares

$

0.48

$

0.75

$

0.38

$

0.42

Earnings per share

$

0.48

$

0.75

$

0.38

$

0.42

2018 EPS and CFFO Guidance

Net income allocable to common shares

$

0.48

$

0.75

$

0.38

$

0.42

Adjustments:

Depreciation and amortization

0.48

0.48

0.50

0.50

Gains on sale of assets (2)

(0.27

)

(0.49

)

(0.19

)

(0.22

)

Share base compensation

0.03

0.03

0.03

0.03

Amortization of deferred financing fees

0.02

0.02

0.02

0.02

CORE FFO per share allocated to common shareholders

$

0.74

$

0.79

$

0.74

$

0.75

(1)

This guidance, including the underlying assumptions, constitutes
forward-looking information. Actual full year 2018 EPS and CFFO
could vary significantly from the projections presented. See
“Forward-Looking Statements” below. Our guidance is based on the
following key assumptions for our 2018 performance.

(2)

Current guidance assumes four of the five held for sale assets are
sold during 2018, with the fifth held for sale asset expected to be
sold in early 2019.

Same Store Communities

Previous 2018 Outlook

Current 2018 Outlook

Number of properties/units

37 properties /10,329 units

37 properties /10,329 units

Property revenue growth

3.0% to 4.0%

2.15% to 2.25%

Controllable property operating expensegrowth

1.6% to 2.0%

0.5% to 0.6%

Real estate tax and insurance expenseincrease

4.6% to 5.6%

3.5% to 3.6%

Total real estate operating expensegrowth

2.5% to 3.5%

1.6% to 1.7%

Property NOI growth

3.0% to 4.0%

2.5% to 2.7%

Corporate Expenses

General and administrative expenses

(excluding stock based compensation)

$8.0 to $9.0 million

$8.4 to $8.7 million

Transaction/Investment Volume

Acquisition volume (1)

$160 to $180 million

$142 million

Disposition volume (2)

$170 to $190 million

$136 to $139 million

Capital Expenditures

Recurring

$7.8 to $8.8 million

$7.6 to $8.0 million

Value add & non-recurring

$32 to $40 million

$27 to $32 million

(1)

Acquisition volume is for the period after the announcement of the
capital recycling program in July 2018.

(2)

Disposition volume assumes four of the five held for sale assets are
sold during 2018, with the fifth held for sale asset expected to be
sold in early 2019.

Value Add Update and Revised Same Store NOI Guidance Impact

Value add initiatives, comprised of renovations and upgrades at selected
communities to drive increased rental rates, remain a core component of
IRT’s growth strategy for 2018 and beyond. We currently have plans to
execute on two phases of value add projects covering 4,317 units across
14 communities. Seven of these 14 communities are part of the same store
portfolio. These value add initiatives have an estimated total
investment of approximately $50.0 million and are expected to unlock an
additional $8.0 to $9.0 million in NOI by the end of 2019.

During the third quarter of 2018, IRT continued its value add program,
with redevelopment completed in 847 units across 12 communities. The
value add projects at these communities are expected to be completed
throughout 2018 and 2019 and have provided an 18% return on investment
to date, based on the $173 per unit per month rent premium that has been
generated. See the “Value Add Summary” within our Supplemental
Information for additional detail.

IRT experienced lower-than-anticipated occupancy levels at four of its
14 value add communities as a result of lower-than-projected renewal
rates due to the disruption from the renovations. The Company expects to
stabilize occupancy at the four communities by the first quarter of
2019. As a result of the near-term occupancy impact at the four
communities, the Company is adjusting its fourth quarter and full-year
same-store NOI growth guidance as follows:

First Nine Months of 2018

Previous Q4 2018 Guidance

Current Q4 2018

Guidance

Previous FY 2018 Guidance

Current FY 2018

Guidance

Same Store NOI Growth

2.2

%

5.5% to 6.5%

3.3% to 4.0%

3.0% to 4.0%

2.5% to 2.7%

Distributions

On September 17, 2018, IRT’s Board of Directors declared a quarterly
cash dividend for the third quarter of 2018 of $0.18 per share of IRT
common stock, payable on October 19, 2018 to stockholders of record on
October 5, 2018.

Selected Financial Information

See the schedules at the end of this earnings release for selected
financial information for IRT.

Non-GAAP Financial Measures and Definitions

IRT discloses the following non-GAAP financial measures in this earnings
release: FFO, CFFO, Adjusted EBITDA and NOI. Included at the end of this
release is a reconciliation of IRT’s reported net income to its FFO and
CFFO, a reconciliation of IRT’s same store NOI to its reported net
income, a reconciliation of IRT’s Adjusted EBITDA to net income, and
management’s respective definitions and rationales for the usefulness of
each of these non-GAAP financial measures and other definitions used in
this release.

Conference Call

All interested parties can listen to the live conference call webcast at
9:00 AM ET on Thursday, November 1, 2018 from the investor relations
section of the IRT website at www.irtliving.com
or by dialing 1.844.775.2542, access code 1894247. For those who are not
available to listen to the live call, the replay will be available
shortly following the live call from the investor relations section of
IRT’s website and telephonically until Thursday, November 1, 2019 by
dialing 1.855.859.2056, access code 1894247.

Supplemental Information

IRT produces supplemental information that includes details regarding
the performance of the portfolio, financial information, non-GAAP
financial measures, same store information and other useful information
for investors. The supplemental information is available via the
Company's website, www.irtliving.com,
through the "Investor Relations" section.

This press release contains certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking statements can generally be identified by our use of
forward-looking terminology such as “may,” “will,” “expect,” “intend,”
“anticipate,” “estimate,” “believe,” “seek,” “outlook,” “assumption,”
“projected,” “strategy”, “guidance” or other, similar words. Because
such forward-looking statements involve significant risks, uncertainties
and contingencies, many of which are not within IRT’s control, actual
results may differ materially from the expectations, intentions,
beliefs, plans or predictions of the future expressed or implied by such
statements. These forward-looking statements are based upon the current
judgements and expectations of IRT’s management. Risks and uncertainties
that might cause IRT’s actual results to differ materially from those
expressed or implied by forward-looking statements include, but are not
limited to: adverse changes in national, regional and local economic
climates; changes in market demand for rental apartment homes and
pricing pressures from competitors that could limit our ability to lease
units or increase rents; competition that could adversely affect our
ability to acquire additional properties; volatility in capital and
credit markets, including changes that reduce availability, and increase
costs, of capital; unexpected changes in the assumptions underlying our
2018 EPS, CFFO and same store NOI growth guidance; delays in completing,
and cost overruns incurred in connection with, the value add initiatives
and failure to achieve projected rent increases and occupancy levels on
account of the initiatives; risks associated with pursuit of strategic
acquisitions, including risks associated with the need to raise
additional capital to fund the acquisitions and failure of acquisitions
to produce expected returns; unexpected costs of REIT qualification
compliance; costs and disruptions as the result of a cybersecurity
incident or other technology disruption; and share price fluctuations.
Additional risks and uncertainties that could cause our actual results
to differ materially from those expressed or implied by the
forward-looking statements in this press release are discussed in IRT’s
filings with the Securities and Exchange Commission (“SEC”), including
those under the heading “Risk Factors” in IRT’s most recently filed
Annual Report on Form 10-K. Dividends are subject to the discretion of
IRT’s Board of Directors, and will depend on IRT’s financial condition,
results of operations, capital requirements, compliance with applicable
laws and agreements and any other factors deemed relevant by IRT’s
Board. IRT undertakes no obligation to update these forward-looking
statements to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events, except as may be
required by law.

Net debt to adjusted EBITDA would be 9.3x if adjusted for the timing
of acquisitions, the full quarter effect of current value add
initiatives, and the completion of the announced capital recycling
activities.

Schedule II

Independence Realty Trust, Inc.

Reconciliation of Net Income (loss) to

Funds From Operations and

Core Funds From Operations

(Dollars in thousands, except share and per share amounts)

(unaudited)

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2018

2017

2018

2017

Funds From Operations (FFO):

Net Income (loss)

$

4,836

$

1,156

$

11,881

$

24,922

Adjustments:

Real estate depreciation and amortization

10,738

8,645

33,489

24,227

Net (gains) losses on sale of assets excludingdefeasance
costs

-

92

-

(18,621

)

Funds From Operations

$

15,574

$

9,893

$

45,370

$

30,528

FFO per share

$

0.18

$

0.13

$

0.52

$

0.42

Core Funds From Operations (CFFO):

Funds From Operations

$

15,574

$

9,893

$

45,370

$

30,528

Adjustments:

Stock compensation expense

563

422

1,966

1,548

Amortization of deferred financing costs

309

282

1,078

1,160

Acquisition and integration expenses

-

569

-

956

Other depreciation and amortization

45

26

101

62

Other expense (income)

-

(12

)

(52

)

-

(Gains) losses on extinguishment of debt

-

-

-

572

Defeasance costs included in net gains (losses) onsale of
assets

-

-

-

2,748

Acquisition related debt extinguishment expenses

-

2,781

-

2,781

Core Funds From Operations

$

16,491

$

13,961

$

48,463

$

40,355

CFFO per share

$

0.19

$

0.19

$

0.55

$

0.55

Weighted-average shares and units outstanding

88,585,940

75,009,859

87,870,135

72,801,899

Schedule III

Independence Realty Trust, Inc.

Reconciliation of Same-Store Net Operating Income to Net Income
(loss)

(Dollars in thousands)

(unaudited)

For the Three-Months Ended (a)

September 30,

2018

June 30,

2018

March 31,

2018

December 31,

2017

September 30,

2017

Reconciliation of same-store net operating income
to net income (loss)

Same-store net operating income

$

19,399

$

19,465

$

19,123

$

19,296

$

19,042

Non same-store net operating income

9,453

8,566

8,075

6,401

4,626

Property management income

135

155

139

140

202

Property management expenses

(1,661

)

(1,592

)

(1,683

)

(1,696

)

(1,328

)

General and administrative expenses

(2,578

)

(2,872

)

(2,734

)

(2,398

)

(2,322

)

Acquisition and integration expenses

—

—

—

(386

)

(569

)

Depreciation and amortization expense

(10,783

)

(11,583

)

(11,224

)

(9,912

)

(8,671

)

Interest expense

(9,129

)

(8,594

)

(8,340

)

(7,129

)

(6,963

)

Other income (expense)

—

—

144

94

12

Net gains (losses) on sale of assets

—

—

—

2,952

(92

)

Acquisition related debt extinguishmentexpenses

—

—

—

(843

)

(2,781

)

Net income (loss)

$

4,836

$

3,545

$

3,500

$

6,519

$

1,156

(a)

Same store portfolio includes 37 properties, which represent 10,329
units.

Schedule IV

Independence Realty Trust, Inc.

Reconciliation of Net Income (Loss) to Adjusted EBITDA

And Interest Coverage Ratio

(Dollars in thousands)

(unaudited)

Three Months Ended

ADJUSTED EBITDA:

September 30,

2018

June 30,

2018

March 31,

2018

December 31,

2017

September 30,

2017

Net income (loss)

$

4,836

$

3,545

$

3,500

$

6,519

$

1,156

Add-Back (Deduct):

Depreciation and amortization

10,783

11,583

11,224

9,912

8,671

Interest expense

9,129

8,594

8,340

7,129

6,963

Other (income) expense

—

—

(52

)

(94

)

(12

)

Acquisition and integration expenses

—

—

—

386

569

Net (gains) losses on sale of assets

—

—

—

(2,952

)

92

Acquisition related debt extinguishmentexpenses

—

—

—

843

2,781

Adjusted EBITDA

$

24,748

$

23,722

$

23,012

$

21,743

$

20,220

INTEREST COST:

Interest expense

$

9,129

$

8,594

$

8,340

$

7,129

$

6,963

INTEREST COVERAGE:

2.7

x

2.8

x

2.8

x

3.0

x

2.9x

Three Months Ended September 30,

Nine Months Ended September 30,

ADJUSTED EBITDA:

2018

2017

2018

2017

Net income (loss)

$

4,836

$

1,156

$

11,881

$

24,922

Add-Back (Deduct):

Depreciation and amortization

10,783

8,671

33,590

24,289

Interest expense

9,129

6,963

26,063

21,573

Other (income) expense

—

(12

)

(52

)

5

Acquisition and integration expenses

—

569

—

956

Net (gains) losses on sale of assets

—

92

—

(15,873

)

(Gains) losses on extinguishment ofdebt

—

—

—

572

Acquisition related debt extinguishmentexpenses

—

2,781

—

2,781

Adjusted EBITDA

$

24,748

$

20,220

$

71,482

$

59,225

INTEREST COST:

Interest expense

$

9,129

$

6,963

$

26,063

$

21,573

INTEREST COVERAGE:

2.7

x

2.9

x

2.7

x

2.7x

Schedule V

Independence Realty Trust, Inc.

Definitions

Average Effective Monthly Rent per Unit

Average effective rent per unit represents the average of gross rent
amounts, divided by the average occupancy (in units) for the period
presented. We believe average effective rent is a helpful measurement in
evaluating average pricing. This metric, when presented, reflects the
average effective rent per month.

Average Occupancy

Average occupancy represents the average of the daily physical occupancy
for the period presented.

EBITDA and Adjusted EBITDA

EBITDA is defined as net income before interest expense including
amortization of deferred financing costs, income tax expense, and
depreciation and amortization expenses. Adjusted EBITDA is EBITDA before
certain other non-cash or non-operating gains or losses related to items
such as acquisition and integration expenses, asset sales, debt
extinguishments and acquisition related debt extinguishment expenses.
EBITDA and Adjusted EBITDA are each non-GAAP measures. We consider each
of EBITDA and Adjusted EBITDA to be an appropriate supplemental measure
of our performance because it eliminates interest, income taxes,
depreciation and amortization, and other non-cash or non-operating gains
and losses, which permits investors to view income from operations
without these non-cash or non-operating items. IRT’s calculation of
Adjusted EBITDA differs from the methodology used for calculating
Adjusted EBITDA by certain other REITs and, accordingly, IRT’s Adjusted
EBITDA may not be comparable to Adjusted EBITDA reported by other REITs.

Funds From Operations (“FFO”) and Core Funds From Operations (“CFFO”)

IRT believes that FFO and CFFO, each of which is a non-GAAP financial
measure, are additional appropriate measures of the operating
performance of a REIT and IRT in particular. IRT computes FFO in
accordance with the standards established by the National Association of
Real Estate Investment Trusts, or NAREIT, as net income or loss
(computed in accordance with GAAP), excluding real estate-related
depreciation and amortization expense, gains or losses on sales of real
estate and the cumulative effect of changes in accounting principles.

CFFO is a computation made by analysts and investors to measure a real
estate company’s operating performance by removing the effect of items
that do not reflect ongoing property operations, including stock
compensation expense, depreciation and amortization of other items not
included in FFO, amortization of deferred financing costs, acquisition
and integration expenses, and other non-cash or non-operating gains or
losses related to items such as defeasance costs we incur when we sell a
property subject to secured debt, asset sales, debt extinguishments, and
acquisition related debt extinguishment expenses from the determination
of FFO.

IRT’s calculation of CFFO differs from the methodology used for
calculating CFFO by certain other REITs and, accordingly, IRT’s CFFO may
not be comparable to CFFO reported by other REITs. IRT’s management
utilizes FFO and CFFO as measures of IRT’s operating performance, and
believes they are also useful to investors, because they facilitate an
understanding of IRT’s operating performance after adjustment for
certain non-cash or non-operating items that are required by GAAP to be
expensed but may not necessarily be indicative of current operating
performance and that may not accurately compare IRT’s operating
performance between periods. Furthermore, although FFO, CFFO and other
supplemental performance measures are defined in various ways throughout
the REIT industry, IRT believes that FFO and CFFO provide investors with
additional useful measures to compare IRT’s financial performance to
certain other REITs. Neither FFO nor CFFO is equivalent to net income or
cash generated from operating activities determined in accordance with
GAAP. Furthermore, FFO and CFFO do not represent amounts available for
management’s discretionary use because of needed capital replacement or
expansion, debt service obligations or other commitments or
uncertainties. Neither FFO nor CFFO should be considered as an
alternative to net income as an indicator of IRT’s operating performance
or as an alternative to cash flow from operating activities as a measure
of IRT’s liquidity.

Net debt, a non-GAAP financial measure, equals total debt less cash and
cash equivalents. The following table provides a reconciliation of total
debt to net debt. (Dollars in thousands).

As of

September 30, 2018

June 30, 2018

March 31, 2018

December 31, 2017

September 30, 2017

Total debt

$

963,238

$

911,772

$

903,286

$

778,442

$

731,625

Less: cash and cash equivalents

(7,645

)

(10,896

)

(10,399

)

(9,985

)

(10,128

)

Total net debt

$

955,593

$

900,876

$

892,887

$

768,457

$

721,497

IRT presents net debt because management believes it is a useful measure
of IRT’s credit position and progress toward reducing leverage. The
calculation is limited because IRT may not always be able to use cash to
repay debt on a dollar for dollar basis

Net Operating Income

IRT believes that Net Operating Income (“NOI”), a non-GAAP financial
measure, is a useful measure of its operating performance. IRT defines
NOI as total property revenues less total property operating expenses,
excluding interest expenses, depreciation and amortization, acquisition
expenses, property management expenses, and general and administrative
expenses. Other REITs may use different methodologies for calculating
NOI, and accordingly, our NOI may not be comparable to other REITs. We
believe that this measure provides an operating perspective not
immediately apparent from GAAP operating income or net income. We use
NOI to evaluate our performance on a same store and non-same store basis
because NOI measures the core operations of property performance by
excluding corporate level expenses, financing expenses, and other items
not related to property operating performance and captures trends in
rental housing and property operating expenses. However, NOI should only
be used as an alternative measure of our financial performance.

Same Store Properties and Same Store Portfolio

IRT reviews its same store portfolio at the beginning of each calendar
year. Properties are added into the same store portfolio if they were
owned at the beginning of the previous year. Properties that are
held-for-sale or have been sold are excluded from the same store
portfolio.

Total Gross Assets

Total Gross Assets equals total assets plus accumulated depreciation and
accumulated amortization, including fully depreciated or amortized real
estate and real estate related assets. The following table provides a
reconciliation of total assets to total gross assets (Dollars in
thousands).

As of

September 30, 2018

June 30, 2018

March 31, 2018

December 31, 2017

September 30, 2017

Total assets

$

1,648,108

$

1,583,117

$

1,577,879

$

1,450,624

$

1,405,212

Plus: accumulated depreciation (a)

114,660

104,496

94,001

84,097

76,664

Plus: accumulated amortization

19,418

18,852

17,809

16,517

15,670

Total gross assets

$

1,782,186

$

1,706,465

$

1,689,689

$

1,551,238

$

1,497,546

(a) Includes previously recognized depreciation on properties that
are classified as held-for-sale

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